HomeMy WebLinkAbout96-06521
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PROMISSORY HarM
Ql1i,OOO,OO
1111 t 01 N,)vembo r Iii, 1 \/96
1''<)1.' valull recllivlld, tho un<!rnaigllod CJlll'CJOllY 0. llOllIn:ll (Ull! "Promitlor")
promises to pay to tho on1el' ot JI"~RY iii 111m IlWAll'I'?, (the "1'uYIl8"I, at
1'1 l,EIlO IlOAP, CAIU,I111,I;:, Pennllylvanin 1'1011, (or ,It lJuch otlllll' placo as
the Payee IIIllY designate in writilJ\JI the IlUIII of QL'i,OOO,OO with
interellt from l1ecllmb.n 15, 1996, Oil the ullpaid pdncip.tl lit the rate
ot 9,00 percont annulllly.
'l'he unpaid principal and Ilcc:rucd interellt Ilhall be pay,able in monthly
installments of $~'IO, 30, beg inning on January l!i, 1991, and cont inuing
until lJecQmbor l1i,2002, (the "Due Date"), lit which tIme the remaining
unpaid principal and interest shall be due in full. TilE l'llOMISSOR
UNlJli:I~S'I'ANIJS 'i'HA'l' 'rIm PAVM~:HT OF 'rill;: AllOVI~ INO'I'ALLMI':N'L' PAYMEN'I'O MAY 1'10'1'
F1Jl,I"Y 1\MOH'l'IZI,~ 'rIm PIHNCIPAl, OAl-,ANCli: OF 'l'IH: NO'I'~~, AND '1'11I:;IU;:FOI~I;:, A
I3Al,LQON PAYMIi:N'l' MAY I3E Ptll;; ON TilE: DUE PA'L'Ji:, All payments on thill Note
shall be applied firllt in payment of accrued interest and Hny
remainder in payment of principal.,
If any installment ill not paid when due, the remaining unpaid balance
and accrued interest shall becol1le due iml1lediately at the option of the
Paye'~ ,
If any payment obligation under this Note ill not paid when due, the
Promisor promiaos to pay all costs of collection, Including reallonable
attorney feea, whether 01.' not a lawsuit is commenced as part of the
collect ion prOCCSB, see A'fTACHMEN'l' "13",
The Promisor reservell the right to prepay this Note (in whole or in
part) prior to the Due Pate with no prepayment pen'll.ty,
It any of the following event/l of default occur, this Note and any
other obligations of the Promisor to the Payee, shall baCOI1l11 due
Immediately, without demand or noticel
1)
the failure of the Promisor to pay the principal and any accrued
intereat in full on or before the Due datel
2 )
3 )
the death of the P!.'"Gmioo!.'"(o) cr Payee (0) ,
the filing of bankruptcy proceedings Involving the Promisor as a
Pebtor I
th~ application for appointment of a receiver for the promisor,
the making of a general assignment for the benefit of the
Prol1lisor's creditors I
4)
5)
6)
7)
the insolvency of thl! Promisor, or
the mIsrepresentation by the Promisor to the Payee for the purpoBe
of obtaining or extendiny credit,
In IIddition, the Proml11or uholl be in default if thara is 11 saht,
t I:IUlafer, I\US ignment, or I\n'l other diBpOB it ion of any IUlsets pledged as
secudty for tlllll payment of this Note, or it there ia a default in any
~lecudty agl'eemftnt which securo/J thill Hote.
If any of the above defaults apply to one ~'romisor, all Promisol."lJl ahllll.
be doemed in defaul.t or. this Note regardlells or. whothor all ~)romisorl3
lire directly involved in the deroult.
Thia Note is secured by a 1,IS'" OF I;;OUIl'M"N'1' E.
A'I"l'ACIlM8N'I' "A", dated Novembel; 10,1996. 'l'he
rely on the abovQ security for the payment of
default, but may proceed directly against the
UILL OF SALE SEE
Payee ia not required to
this Note in the case of
Promi aor.
No renewal or extension of this Note, delay in enforcing any right of
the Payee under this Note, or asaignment by Payee of thill Note lIhall
affect the liabUity ()f the Promisor, All rights of the Payee under
this Hote are cumulative and may be exercised concurrently or
conaecutively at the Payee's option.
Thia Note shall be construed in accordance with the laws of the State
of Pennsylvania.
If anyone or more of the provisions or this Note a1:e determined to be
unenforceable, in whol.e or in part, for any reason, the remaining
provisions shall remain fully operative.
All payments of principal and interest on this Note shall be paid in
the legal currency of the United States,
Promisor waives presentment for payment;, protest, and notice of protest
and nonpayment of this Note.
Signlld this ...L~_ day of _1JJ!)IL__~_' 199~, at
--_o~L}4Ilh~/"_n+{)L._L'2(}j ']
By, ~~ oL
COMMONWEALTH OF PENNSYLVANIA I
I SS
COUNTV OF I
'./~ 'j
On this, the p/'- day of /-1JllL!udLC.. , 1996,
before me, the undersigned officer, porsonBl~y appeared Gregory G. Rohrer,
known to me (or satisfactorily proven) to be the person whose name is
subacribed to the foregoing instr.ument, and acknowledged that he executed
the same for the purposes therein contained.
-;}-
In witness whereof, I hereujo set my h~f and official seal.
. ---':1.:./+ l.~""r'~~ (SEALI
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